Imagine a Cournot game with two firms (A and B). The demand curve in this market is P=280-Qa-Qb. Each firm has marginal cost equal to $40.

a. How many units will each of these firms produce in equilibrium? (i.e. the production of one firm. Not both firms)

b. Imagine a Cournot game with two firms (A and B). The demand curve in this market is P=280-Qa-Qb. Each firm has marginal cost equal to $40. What is the equilibrium market price?

c. Imagine a Cournot game with two firms (A and B). The demand curve in this market is P=280-Qa-Qb. Each firm has marginal cost equal to $40.

Assume these firms have no fixed costs. How much profit does the industry make? (be sure to add the profit together between the two firms) Please answer those questions